May 14, 2019

Consolidated Financial Results
for the Fiscal year Ended March 31, 2019
[Japanese GAAP]
Company name:
Oisix ra daichi Inc.
Securities code:
3182
Representative:
Kohey Takashima, Representative Director, CEOContact:
Hajime Yamanaka, Corporate Officer, Administration
Scheduled date of Ordinary General Meeting of Shareholders:
Scheduled date of payment of dividend:
Scheduled date of filing of Quarterly Report:
Preparation of supplementary materials for financial results:
Holding of quarterly financial results meeting:Stock exchange listings: TSE Mothers
URL: http://www.oisixradaichi.co.jp

June 26, 2019
June 27, 2019
Yes
Yes

(All amounts are rounded down to the nearest million yen)

1. Financial Results for the Fiscal Year Ended March 31, 2019(from April 1, 2018 to March 31, 2019)(1) Operating Results
Fiscal Year Ended

March 31, 2019
March 31, 2018(% of change from previous year)

Net Sales

Operating Income

Net Income
Attributable to
Owners of
the Parent

EBITDA

Million yen%

Million yen%

Million yen%

Million yen%

64,02639,987

60.1
73.7

2,312
891

159.4
18.4

3,154
1,670

88.8
67.6

2,387
237

906.4
△54.0

(Note)
1.Comprehensive income: Fiscal Year Ended (As of March 31, 2019)
2,384 million yen(881.8%)
Fiscal Year Ended (As of March 31, 2018)
242 million yen(△52.9%)
2.Net Income attributable to owners of parent increased substantially compared with the same period of the previous fiscal year,
due to taking over the tax loss carryforwards from the absorption-type merger with Radish Boya co.,ltd on October 1, 2018,
and the recording of additional deferred tax assets, which is a special factor for the current fiscal year.
In Addition, prior to the absorption-type merger, consolidated subsidiary Radish Boya co.,ltd consolidated profits and losses
for the seven-month period from March 1, 2018 to September 30, 2018.

Fiscal Year Ended

March 31, 2019
March 31, 2018

Net Income per
Share

Diluted Net
Income per Share

Returnon Equity

Returnon Assets

Operating
Income Margin

Yen

Yen

%

%

%

71.38
7.39

70.47
7.22

21.2
2.5

10.8
5.4

3.6
2.2

(Reference)
Equity in earningus (losses) of affiliates (million yen):
Fiscal Year Ended (As of March 31, 2019)△107
Fiscal Year Ended (As of March 31, 2018)△7(Note）
1.EBITDA stands for earnings before depreciation and amortisation.
2.On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2 for 1
stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning of that
accounting year for the purposes of calculating comparable Net Income per Share and Diluted Net Income per Share figures.

(2) Financial Position
Fiscal Year Ended

March 31, 2019
March 31, 2018

Total Assets

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

22,74919,846

12,505
10,04854.8
50.6

371.30303.50(Reference)
Shareholders’ equity (million yen):
As of March 31, 2019 : 12,472
As of March 31, 2018 : 10,045(Note）On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2 for 1
stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning of that
accounting year for the purposes of calculating comparable Net Assets per Share figures.

1(3) Cash Flow
Fiscal Year Ended

Operating Activities

Investing Activities

Cash and Cash

Financing Activities

equivalents at end of year

Million yen

Million yen

Million yen

Million yen

3,115
1,637

△2,215
△281

6
629

8,093
7,194

March 31, 2019
March 31, 2018

2. Dividends
Dividend per Share
Fiscal Year ended or ending

1Q

2Q

3Q

Year-end

Amountsof
Dividend(total)AnnualDividend
Ratio

Dividendon Equity

Yen

Yen

Yen

Yen

Yen

Million Yen%%

March 31,2018
March 31,2019

―
―

0.00
0.00

―
―

0.00
0.00

0.00
0.00

―
―

―
―

―
―

March 31,2020 (Forecast)

―

0.00

―

0.00

0.00

―

3. Forecast for the Fiscal Year Ending March 31, 2020 (from April 1, 2019 to March 31, 2020)(Percentages represent year-on-year changes)

Net Sales
Million yen

Full year

70,000Operating Income

EBITDANet Income
per Share

Net Income%

Million yen%

Million yen%

Million yen

%

Yen

9.3

2,200

△4.9

3,200

1.4

1,000

△58.1

29.77

(Note)EBITDA stands for earnings before depreciation and amortisation.

* Notes(1) Significant changes in scope of consolidation(Changes of specific subsidiaries in accordance with changes in the scope of consolidation):

Yes

Exclusion: One company
Radishbo-ya Co., Ltd.
(Note)
Radish Boya Co., Ltd. was merged with the Company and dissolved as of October 1, 2018, and is therefore excluded
from the scope of consolidation in the third quarter period of the fiscal year.

(2) Changes in accounting policies and accounting estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards:

None2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:

None4) Restatements:

None(3) Number of shares issued (common shares)
1) Number of shares issued (including treasury stock):
As of March 31, 201933,595,156shares

As of March 31, 201833,102,356shares

2) Number of treasury stocks:
As of March 31, 2019

3,780shares

As of March 31, 2018

3,340shares

3) Number of average shares during the period:
Fiscal year ended March 31, 201933,448,590sharesFiscal year ended March 31, 201832,119,690shares(Note)On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2
for 1 stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning ofthat accounting year for the purposes of calculating comparable Number of shares issued, Number of treasury stocks and Number of average
shares during the period.

2

(Reference)

1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2019(from April 1, 2018 to March 31, 2019)(1) Operating Results(% of change from previous year)

Fiscal Year Ended

Net Sales

EBITDANet Income

Million yen%

Million yen%

Million yen%

Million yen%

53,06533,469

58.5
45.7

1,802
859

109.8
3.1

1,896
907

109.0
5.7

2,236
358

524.1
△43.9

March 31, 2019
March 31, 2018

Fiscal Year Ended

Operating Income

Net Income per
Share

March 31, 2019
March 31, 2018

Diluted Net
Income per Share

Yen

Yen

66.85
11.15

66.00
10.90

(Note）On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2
for 1 stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning ofthat accounting year for the purposes of calculating comparable Net Income per Share and Diluted Net Income per Share figures.

(2) Financial Position
Fiscal Year Ended

March 31, 2019
March 31, 2018
(Reference)
Shareholders’ equity(million yen)
(Note）

Total Assets

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

22,604
16,97812,606
10,32355.8
60.8

375.28311.90

As of March 31, 2019 : 12,608

As of March 31, 2018 : 10,323

On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2
for 1 stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning ofthat accounting year for the purposes of calculating comparable Net Assets per Share figures.

* This financial report is outside the scope of the audit by certified public accountants or auditing firms.
* Explanation of the proper use of forecast and other notes
The forward-looking statements herein are based on information available to the Company and certain assumptions deemed
reasonable as of the date of publication of this document. They are not intended as the Company’s commitment to achieve suchforecasts, and actual results may differ significantly from these forecasts due to a wide range of factors.

3

2.Outlook going forward
Amidst continued improvement in the environment for employment and personal income as well as the beneficial effects ofvarious government policy initiatives, the outlook for the Japanese economy is that it will continue to see gradual recovery.
The direction of personal consumption, however, is seen to be less certain.
The uncertainties of overseas economies as well as the impact of potentially volatile financial and capitalmarkets should also
be taken into consideration.
It is under such circumstances that the Company seeks to continue to realize high business growth and secure its position as
the topbrand in high value-added food products and ingredients and/or food delivery via EC.
As regards to the meal-kit business, a market that still possesses tremendous growth opportunities. As announced on April
25, 2019, the Company has newly included Three Limes, Inc. (hereinafter referred to as "Purple Carrot") which operates in
the meal kit business for plant based meals in the United States. Its inclusion makes it possible to expand further thecustomer including the U.S. market and aims to leverage its expertise and capabilities in food delivery/manufacturing aswell as what we perceive to be the Company’s superior product development powers and its network of best-in-classproducer networks.
With all things considered, the Company makes the following consolidated earnings forecast for the new fiscal year-ending
in FY3/2020. Driven by not only further growth in the delivery business, contributions from the inclusion of Purple Carrot is
expected to result in Sales of JPY 70,000 million (+9.3% YoY), OP of JPY 2,200 million (△4.9%), and EBITDA of JPY 3,200
million (+1.4%). As regards to Purple Carrot itself, the Company will work to improve profitability by improving fulfillment
costs and LTV.
As a footnote, the Company, in consideration of the impact to earnings of depreciation and amortization costs such as
goodwill (non-cash expense items), has opted to disclose EBITDA (OP + depreciation expenses +goodwill amortization
expense) as it accurately shows the cash flow generation of the business.
As a result of the consolidation of Purple Carrot, the Company expects to incur a goodwill in the consolidated financial
statements. However, the amount of goodwill has not been determined at this time. The Company will announce as soon as
possible we know for sure.
Earnings for the Fiscal Year Ending March 31, 2020 (from April 1, 2019 to March 31, 2020)(Unit: millionyen)
FY3/2019

FY3/2020(Result)(Forecast)+/- YoY (%)

Net sales

64,02670,000

9.3

Operating income

2,312

2,200

△4.9

EBITDA（Note）

3,154

3,200

1.4

Net income attributable to owners of the parent

2,387

1,000

△58.1

EBITDA per share

94.32

95.25

―

Net income attributable to owners of theparent per share

71.38

29.77

―

(Note)
1.EBITDA stands for earnings before depreciation and amortisation.
2.The forward-looking statements herein are based on information available to the Company and certain assumptions deemed reasonable as ofthe date of publication of this document. They are not intended as the Company’s commitment to achieve such forecasts, and actual results may
differ significantly from these forecasts due to a wide range of factors.

4Consolidated Financial Statements(1) Consolidated Balance Sheet(Thousands of yen)
As of March 31, 2018

As of March 31, 2019

AssetsCurrent assets
Cash and deposits

7,236,330

8,136,173

Accounts receivable-trade5,415,701

5,555,456

918,137

1,173,552

Merchandise and finished goods
Work in process

4,435

45,077

Raw materials and supplies

207,590

184,228

Accounts receivable-other

1,335,994

1,308,693

300,077

394,685

Allowance for doubtful accounts△156,696△196,069

Total current assets

15,261,572

16,601,798

OthersNoncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Lease assets
Accumulated depreciation
Lease assets, net
Others
Accumulated depreciation
Others, net

614,234

928,879△240,024△565,048

374,209363,831661,207925,003△281,701△436,176

379,506

488,826

489,869

539,833△452,725△499,815

37,14340,018331,602357,140△244,035△242,065

87,566

115,075

878,426

1,007,751

Goodwill

1,506,089

1,137,486

Others877,657

1,009,106

2,383,747

2,146,592

Investment securities

383,260

1,354,129

Lease and guarantee deposits

752,484

855,735

Deferred tax assets

110,121710,305

Others77,26873,171

1,323,134

2,993,343

Total Property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets

Total investments and other assets
Total noncurrent assets
Total assets

54,585,307

6,147,686

19,846,880

22,749,485

(Thousands of yen)
As of March 31, 2018

As of December 31, 2018

Liabilities
Current liabilities
Accounts payable-trade
Short-term loans payable
Lease obligations

4,097,110

4,240,280

6,012

9,552

37,45434,083

Accounts payable-other3,076,648

3,649,938

Income taxes payable

266,572

255,659

Provision for bonuses

90,477－

Provision for points certificates

147,754

145,468

Asset retirement obligations

66,000－

Others941,654

1,115,018

8,729,685

9,450,000

Long-term loans

41,29653,404

Lease obligations

64,95242,289Total current liabilities
Noncurrent liabilities

Provision for directors' retirement benefits

3,300

4,500

Retirement benefit liabilities

458,874－

Asset retirement obligations

282,649

296,218

Others217,835

397,852

1,068,907

794,264

9,798,592

10,244,264

Capital stock

1,259,797

1,284,022

Capital surplus

5,274,175

5,298,392

Retained earnings

3,510,139

5,897,781△2,065△2,80010,042,046

12,477,395

4,693

3,284

△1,030△8,274

3,662△4,989Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity

Treasury stocks
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustments
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

2,578

32,815

10,048,288

12,505,220

19,846,880

22,749,485

(2) Consolidated Statement of Income(Thousands of yen)
Period ended
March 31, 2018

Period ended
March 31, 2019

Net sales

39,987,224

64,026,120

Cost of sales

21,260,326

33,504,178

Gross profit

18,726,897

30,521,942

Selling, general and administrative expenses

17,835,455

28,209,498

891,442

2,312,443

Interest income

479

251

Dividend received

4,470

5,648

Compensation income

9,153

12,216

Income from material recycling

9,559

16,249

Revocation gains of gift cards

4,440

3,243

Gain on bad debts recovered

8,116

6,661

Others26,492

66,805

Total non-operating income

62,712

111,076

Operating income
Non-operating income

Non-operating expenses
Interest expenses

644

1,940

Foreign exchange losses

2,021

563

Stock issuance cost

1,445

5,641

Liabilities from application of equity method

7,738

107,168

Others

5,289

6,503

Total non-operating expenses

17,137

121,816

937,016

2,301,702

Gain on sales of investments in affiliated companies

－

3,123

Total extraordinary Income

－

3,123

Ordinary income
Extraordinary Income

Extraordinary loss
Loss on revision of retirement benefit plan
Cancellation charges of facility leasing arrangements
Loss on sales of noncurrent assets

87,381－－

40,159－11,740

Impairment loss

169,040

96,487

Loss on valuation of investment securities

70,312

5,881

Total extraordinary loss

326,734

154,270

Income before income taxes

610,282

2,150,556

Income taxes-current

322,279

356,689

Income taxes-deferred

49,620△599,337

Total income taxes

371,899△242,647

Net income

238,382

2,393,204

1,125

5,561

237,256

2,387,642

Net income attributable to non-controlling interests
Net income attributable to owners of the parent

7

(3) Consolidated Statement of Comprehensive Income
Period ended
March 31, 2018
Net income(Thousands of yen)
Period ended
March 31, 2019

238,382

2,393,204

Valuation difference on available-for-sale securities

4,693△1,408Foreign currency translation adjustments△195△7,243

Total other comprehensive income

4,497△8,652242,880

2,384,551

241,754

2,378,989

1,125

5,561

Other comprehensive income

Comprehensive income
Total comprehensive income attributable to
Owners of the parent
Non-controlling interests8（4）Consolidated Statement of Changes in Shareholders' Equity
Period ended March 31, 2018
Shareholders' equity
CapitalRetained

Treasury

surplusearnings

stock929,948

4,944,329

3,272,882

329,849

329,845

Capital stock

As of April 1, 2017

Total
shareholders'equity―9,147,160

Changes in current period
Stock issuance659,695

Net income attributable to owners

237,256of the parent

237,256

Changes from stock swap―

Purchase of treasury stock△2,065△2,065

Disposal of treasury stock―

Net changes of items other thanshareholders' equity
Total changes in current period
As of March 31, 2018329,849

329,845

237,256△2,065894,886

1,259,797

5,274,175

3,510,139△2,065

10,042,046

Accumulated othercomprehensive income
Valuation

Foreign

Total

difference on

currency

accumulated

availablefor-

translation

other

sale

adjustments

comprehensi

securities

As of April 1, 2017

Noncontrollinginterests

Total net
assetsve income

―

△835

△835

1,453

9,147,778

Changes in current period
Stock issuance659,695

Net income attributable to owners

237,256of the parent

Changes from stock swap―

Purchase of treasury stock△2,065

Disposal of treasury stock―

Net changes of items other thanshareholders' equity

4,693

△195

4,497

1,125

5,623

Total changes in current period

4,693

△195

4,497

1,125

900,509

As of March 31, 2018

4,693

△1,030

3,662

2,578

10,048,288

9Period ended March 31, 2019
Shareholders' equity
CapitalRetained

Treasury

surplusearnings

stock1,259,797

5,274,175

3,510,139

24,224

24,217

Capital stock

As of April 1, 2018

△2,065

Total
shareholders'equity10,042,046

Changes in current period
Stock issuance

48,441

Net income attributable to owners

2,387,642

of the parent

2,387,642

Changes from stock swap
Purchase of treasury stock

△735

△735

Disposal of treasury stock
Net changes of items other thanshareholders' equity
Total changes in current period
As of March 31, 201924,224

24,2172,387,642△735

2,435,348

1,284,022

5,298,392

5,897,781△2,80012,477,395

Accumulated othercomprehensive income
Valuation

Foreign

Total

difference on

currency

accumulated

availablefor-

translation

other

sale

adjustments

comprehensi

securities

As of April 1, 2018

4,693

Noncontrollinginterests

Total net
assetsve income△1,030

3,662

2,578

10,048,288

Changes in current period
Stock issuance

48,441

Net income attributable to owners

2,387,642

of the parent

Changes from stock swap―

Purchase of treasury stock△735

Disposal of treasury stock―

Net changes of items other thanshareholders' equity△1,408△7,243△8,65230,236

Total changes in current period△1,408△7,243△8,65230,2362,456,932

3,284△8,274△4,98932,815

12,505,220

As of March 31, 201910

21,583

(4) Consolidated Statement of Cash Flow
(Thousands of yen)
Period ended
March 31, 2018

Period ended
March 31, 2019

Cash flows from operating activities
Income before income taxes

610,282

2,150,556

Depreciation

394,911457,460

Amortization on goodwill

384,411

384,939(Increase) decrease on sales of affiliated companies stock－△3,123

Loss on revision of retirement benefit plan

87,381－

Impairment loss

169,040

96,487Gain(loss) on valuation of investment securities

70,312

5,881

Increase (decrease) in allowance for doubtful accounts

19,021

39,336△69,876△90,477

Increase (decrease) in liability for retirement benefits

3,387△104,002

Interest income and dividend received△4,950△5,899Interest expense

644

1,940

Foreign currency exchange (gain) or loss

220

△141

Increase (decrease) in allowance for bonuses(Increase) decrease on income on equity method investments(Increase) decrease in accounts receivable(Increase) decrease in other accounts receivable

7,738

107,168△570,797△115,729

31,04627,315(Increase) decrease in inventories△82,270△264,134

Increase (decrease) in accounts payable362,326

141,166

Increase (decrease) in Accounts payable-other

187,863

550,127

Increase (decrease) in accrued expenses

422,263

49,444

Other△100,462

51,028Subtotal

1,922,494

3,479,349

4,031

4,601

Interest and dividend received
Interest paid

△644

△1,940

Income taxes paid

△288,043△366,702

Net cash provided by operating activities

1,637,838

3,115,308

Purchase of property, plant and equipment△164,842△243,522

Purchase of intangible assets△314,973△717,760△5,704△31,053△155,970△1,100,000－

21,640

Proceeds from cancellation of insurance funds△12,367△35,332

Payments for acquisition of affiliates

601,531

19,766△349,653△109,567

Cash flows from investing activities

Payments for acquisition of investments
Proceeds from lease and guarantee deposits received
Payments for execution of assets retirement obligations

Income for sale of affiliates
Payments from acquisition of control over subsidiaries

188,355

10,261

Income from acquisition of control over subsidiaries△81,640△64,297

Payments for lease deposits and guarantee deposits

17,192

6,443

Other

△3,05927,828△281,133△2,215,594

Repayment of long-term loans payable△21,012△8,667

Proceeds from stock issuance

658,249

47,958－10,000Net cash used in investing activities
Cash flows from financing activities

Income from payment from controlled shareholder
Purchase of treasury stock△2,065△735

Repayment of lease liabilities△6,128△42,524

11

Net cash provided by financing activities
Effect of exchange rate changes on cash and cash equivalents

629,043

6,031

△415

△7,102

Increase (decrease) in cash and cash equivalents

1,985,333

898,643

Cash and cash equivalents at the beginning of the year

5,209,396

7,194,730

Cash and cash equivalents at the end of the year

7,194,730

8,093,373

12